Moody’s upgrades Rhiag CFR, notes to B1

Moody's Investors Service said it upgraded Rhino Midco 2 Ltd., a holding company of the Rhiag Group corporate family rating to B1 from B2 and probability of default rating to Ba3-PD from B1-PD.

Concurrently, the agency upgraded the instrument rating on the €465 million senior secured notes issued by Rhino Bondco SpA to B1 from B2.

The outlook is stable.

Moody’s said the B1 corporate family rating recognizes Rhiag's: (a) Established presence in the fragmented aftermarket, characterized by higher customer loyalty and less cyclicality compared to the automotive sector; (b) strong market position, manifesting itself in an extensive distribution network and leading to economies of scale; (c) growing presence in less mature Eastern European markets; (d) track record of strong operational performance and resilience against margin pressure; and (e) broad and diversified customer base, consisting of local wholesalers and independent garages.

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